marketing princiles unit 3 market segment, target

Unit Market Segmentation, g Targeting, g g and Positioning for Competitive Advantage CuuDuongThanCong.com https://fb.com/tailieudientucntt Road Map: Previewing the Concepts     Define the three steps of target marketing: market segmentation, market targeting, and market positioning List and discuss the major levels of market segmentation and bases for segmenting consumer and business markets Explain how companies identify attractive market segments and choose a market coverage strategy strategy Discuss how companies can position their products for maximum competitive p p advantage in the marketplace CuuDuongThanCong.com https://fb.com/tailieudientucntt Steps in Market Segmentation, Targeting and Positioning Targeting, CuuDuongThanCong.com https://fb.com/tailieudientucntt Si St Six Step STP P Process 2 4 Determine the segmentation basis Segment the Market Profile each segment Assess segment attractiveness Select target segments D t Determine i positioning iti i CuuDuongThanCong.com https://fb.com/tailieudientucntt Step 1 Market Segmentation Levels of Market Segmentation Dividing d Markets k into Smaller S ll Segments S that h Can C be b Reached More Efficiently And Effectively With Products and Services That Match Their Unique Needs Needs Mass Marketing S Same product d t tto allll consumers (no segmentation, i.e Coca-Cola at one time) S Segment tM Marketing k ti Different products to one or more segments (some segmentation, i.e Marriott) CuuDuongThanCong.com https://fb.com/tailieudientucntt Step Market Segmentation Levels of Market Segmentation Niche Marketing Different products to subgroups within segments (more segmentation, i.e Standard or Luxury SUV SUV’s) s) Micromarketing Products to suit the tastes of individuals and locations (complete segmentation) Local Marketing Tailoring brands/promotions to l local l customer t groups Individual Marketing Tailoring products and programs to the needs of individual customers CuuDuongThanCong.com https://fb.com/tailieudientucntt Step Market Segmentation Geographic Segmentation World Region or Country City or Metro Size Density or Climate CuuDuongThanCong.com https://fb.com/tailieudientucntt Step 1 Market Segmentation Demographic Segmentation  Dividing the market into groups based on variables such as: – – – – – – – – – Age Life-cycle stage or family size Gender Income Occupation Education Religion Race Nationality CuuDuongThanCong.com https://fb.com/tailieudientucntt Step Market Segmentation Psychographic Segmentation Di id Buyers Divides B Into I Different Diff G Groups B Based dO On: CuuDuongThanCong.com https://fb.com/tailieudientucntt Step 1 Market Segmentation Behavioral Segmentation  Dividing the market into groups g p based on variables such as: – Occasions – Benefits sought – User status – Usage rate – Loyalty status 10 CuuDuongThanCong.com https://fb.com/tailieudientucntt Segmenting International Markets Geographic Location Factors Used to Segment g International Markets Cultural Factors Economic Factors Political and Legal Factors 13 CuuDuongThanCong.com https://fb.com/tailieudientucntt Step 1 Market Segmentation Requirements for Effective Segmentation  Measurable: size, purchasing power, and profiles of segments p g can be measured  Accessible: segments can be effectivelyy reached and served  Substantial: segments are large or profitable enough to serve  Differential: segments are conceptually distinguishable and respond differently to different marketing mix elements and programs  Actionable: effective programs can be designed for attracting and serving the segments 14 CuuDuongThanCong.com https://fb.com/tailieudientucntt Step Market Targeting Evaluating Market Segments  Segment Size and Growth – Analyze current segment sales, growth rates, and expected profitability for various segments  Segment Structural Attractiveness – Consider effects of: competitors, availability of substitute products products, and the power of buyers & suppliers  Company Objectives and Resources – Examine company skills & resources needed to succeed in that segment(s) – Offer superior p value & g gain advantages g over competitors 15 CuuDuongThanCong.com https://fb.com/tailieudientucntt Step Selecting Market Segments Market Coverage Strategies 16 CuuDuongThanCong.com https://fb.com/tailieudientucntt Step 22 Selecting Market Segments Choosing a Market-Coverage Strategy Company Resources Product Variability Product’s Life-Cycle Stage Market Variability Competitors’ Marketing Strategies Competitors 17 CuuDuongThanCong.com https://fb.com/tailieudientucntt Socially Responsible Target Marketing   Smart targeting helps companies and consumers alike Target marketing sometimes generates controversy and concern – Disadvantaged and vulnerable can be targeted – Ce Cereal, ea , cigarette, c ga ette, bee beer,, a and d fast-food ast ood marketers have received criticism in the past – Internet has raised fresh concerns about potential targeting abuses 18 CuuDuongThanCong.com https://fb.com/tailieudientucntt Step 3 Positioning for Competitive Advantage     Product’s Position - the way the product is defined by consumers on important attributes P d t is Product i compared d with ith competing ti products d t Simplifies the buying process by helping consumers organize products into categories categories Marketers must: – Plan positions to give their products the greatest advantage in selected target markets, – Design marketing mixes to create these planned positions 19 CuuDuongThanCong.com https://fb.com/tailieudientucntt Step Choosing a Positioning Strategy Step Identifying Possible Competitive Advantages Step Choosing the Right g t Co Competitive pet t e Advantage Step p Communicating g and Delivering the Chosen Position 20 CuuDuongThanCong.com https://fb.com/tailieudientucntt Identifying Possible Competitive Advantages   Key to winning and keeping customers is to understand their needs and buying processes better than competitors and deliver more value Competitive advantage – extent that a company can position itself as providing idi superior i value l to selected l d target markets 21 CuuDuongThanCong.com https://fb.com/tailieudientucntt Identifying Possible Competitive Advantages Product Differentiation ii.e e Features, Features Performance Performance, Style & Design, Attributes Image Differentiation Services Differentiation ii.e e Delivery, Delivery Installation, Installation Repair Services, Customer Training Services Channel Differentiation i.e Symbols, Characters People Differentiation i.e Hiring, Training Better People Than Competitors Do 22 CuuDuongThanCong.com https://fb.com/tailieudientucntt Vol o Volvo   This ad demonstrates how Volvo positions on the specific product attribute of safety safety http://www.volvocars.com 23 CuuDuongThanCong.com https://fb.com/tailieudientucntt Choosing the Right Competitive Advantages Important Profitable Criteria For Determining Which Differences To Promote Affordable Preemptive Distinctive Superior p Communicable 24 CuuDuongThanCong.com https://fb.com/tailieudientucntt Selecting an Overall Positioning Strategy 25 CuuDuongThanCong.com https://fb.com/tailieudientucntt Communicating and Delivering the Chosen Position    Company mustt ttake C k strong t steps t to t deliver and communicate the desired position to target consumers consumers All the company’s marketing mix must support the positioning strategy strategy Positioning strategy must be monitored and adapted over time to match changes in consumer needs and competitors’ strategies competitors strategies 26 CuuDuongThanCong.com https://fb.com/tailieudientucntt Rest Stop: Reviewing the Concepts     Define the three steps of target marketing: market segmentation, market targeting, and market positioning List and discuss the major levels of market segmentation and bases for segmenting consumer and business markets Explain how companies identify attractive market segments and choose a marketcoverage strategy strategy Discuss how companies can position their products for maximum competitive p p advantage in the marketplace 27 CuuDuongThanCong.com https://fb.com/tailieudientucntt ... of target marketing: market segmentation, market targeting, and market positioning List and discuss the major levels of market segmentation and bases for segmenting consumer and business markets... of target marketing: market segmentation, market targeting, and market positioning List and discuss the major levels of market segmentation and bases for segmenting consumer and business markets... Life-Cycle Stage Market Variability Competitors’ Marketing Strategies Competitors 17 CuuDuongThanCong.com https://fb.com/tailieudientucntt Socially Responsible Target Marketing   Smart targeting helps